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Jinse Finance reported that JPMorgan analysts believe that, for bitcoin's recent price movements, the resilience of Strategy (stock code MSTR) is more important than miner activity. Although the world's largest bitcoin holder has not yet started selling, bitcoin miners appear to be facing increasing selling pressure. Nikolaos Panigirtzoglou, Managing Director at JPMorgan, and his team pointed out in a report on Wednesday that the recent sustained pressure on bitcoin prices mainly stems from two factors: first, the recent decline in bitcoin network hashrate and mining difficulty, and second, the latest developments surrounding Strategy. The analysts stated that the decline in hashrate and mining difficulty reflects the influence of two forces: China reiterating its ban on bitcoin mining after a surge in private mining activity, and the combination of falling bitcoin prices and high energy costs squeezing profits, leading high-cost miners outside China to exit the market. The analysts noted that although a drop in hashrate usually increases miners' revenue, "bitcoin prices are currently still hovering below their production costs," which brings selling pressure to the bitcoin market. JPMorgan analysts have now revised their estimate of bitcoin's production cost down to $90,000, lower than last month's $94,000. According to the analysts, this update is based on an electricity price assumption of $0.05/kWh; for high-cost producers, every $0.01/kWh increase in electricity price will raise their production cost by $18,000. JPMorgan's report stated: "Against the backdrop of high electricity prices and falling bitcoin prices squeezing profits, some high-cost miners have been forced to sell bitcoin in recent weeks."

Jinse Finance reported, citing CCN, that Tom Lee, Chairman of Ethereum treasury company BitMine, stated at a blockchain week event hosted by an exchange that bitcoin adoption could surge by 200 times. He pointed out that globally, only 4.4 million wallets hold more than $10,000 worth of bitcoin, while over 900 million people have retirement accounts exceeding this amount. If these funds are allocated to bitcoin, it would create enormous growth potential. Tom predicted that bitcoin's traditional four-year cycle is about to be broken, saying that the historical rhythm may be rewritten in the coming weeks. He believes that the recent decline since October is mainly due to deleveraging rather than the halving cycle, and noted that despite the weakness in the crypto market, gold has risen 61% this year and the S&P 500 has increased by nearly 20%. Tom emphasized that tokenization will become the dominant trend, with Wall Street planning to put nearly tens of trillions of dollars of financial products on-chain. He stated that Ethereum is the future of finance and the core of tokenization, and pointed out that the BlackRock bitcoin ETF has become one of its top five fee-generating products.